March 22, 2019 12.30PM / Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: SEC Nigeria
Since the inauguration of the Nigerian Capital Market
Master Plan (2015-2025) only 13 of the 99 initiatives have been implemented.
The Acting Director-General of the Securities and Exchange
Commission (SEC), Ms Mary Uduk said this at the recent awards night organized
by the regulator.
Uduk said the event was an opportunity to acknowledge the
committed partnership between the regulator and stakeholders in the capital
She commended the Chairmen of the 16 committees and the 180
committee members for their cooperation and dedication to the implementation of
the market master plan.
The Minister for Finance Mrs Zainab Ahmed who was the
special guest of honour, restated the commitment of the Federal Government to
the development and growth of the Nigerian capital market.
Ahmed speaking further
on the master plan, lauded the Capital Market Master Plan Implementation
Committee (CAMMIC) for the work done so far, believing it will have great
impact on the financial services sector.
Ahmed said the Capital
Market Master Plan keys into the Economic Recovery and Growth Plan, ERGP agenda
for the financial services sector and congratulated all the awardees on their
The Chairman of the
House Committee on Capital Markets and Other Institutions, Honourable Tajudeen
Yusuf , in his remarks commended all the awardees for their hard work, and
pledged the commitment of the National Assembly to pass enabling laws that will
enhance the growth of the market.
Former Acting DG of SEC,
Ms Daisy Ekineh, in her presentation said the CMMP provides a robust and
dynamic roadmap for the market and economy.
She called on capital
market operators in the country to engage critical sectors in the Nigerian
economy like Agriculture, Infrastructure, Energy and Transportation.
Ekineh also made a
strong case for the market to reach out to the youth, who are about 60% of the
country’s population, through innovative products.
Mobolurin a seasoned stockbroker and Chairman of the Capital Market Master
plan Implementation Committee, CAMMIC, in his brief presentation emphasized the
need for a vibrant market, which is critical for Nigeria’s economic growth.
Highlights of the event
was the presentation of awards to all the Chairmen and Committee members of the
Capital Market Master Plan.
The Capital Market
Master Plan has the following as its terms of reference;
- Review the
implementation progress of “Nigeria’s Capital Market: Making World Class
Potential a Reality” and outline milestones yet unachieved.
a holistic review of peer emerging markets with a view to articulating the
requisite element, size and structure of a capital market that will enhance the
global competitiveness of the Nigerian capital market and catalyze Nigeria’s
potential to become the largest economy in Africa within the focused period.
successful growth strategies in other jurisdictions and articulate a
development strategy for the Nigerian capital market covering key areas such as
investor protection and education, professionalism, product innovation and
expansion of the role of the capital market in economic development.
relevant factors that impact market growth and develop a strategy for robust
governance for improved efficiency, transparency and enhancement of market
necessary recommendations with clear and actionable quarterly and annual
milestones that will lead to a world class capital market which supports an
inclusive economy and improves the living standard of Nigerians.
The 16 committees in the
Capital Market Master Plan and their Chairmen are listed below:
- Mr Olutola Mobolurin- Capital Market
Masterplan Implementation Committee, CAMMIC
- Mr Emeka Madubuike-Full Dematerialization
- Mrs Hajara Adeola-Non-Interest Capital Market
- Mr Adeolu Bajomo- Direct Cash Settlement
- Mr Isyaku B. Tilde-New Minimum Capital
Requirement and Complaints Management Framework Implementation
- Mr Henry Rowland- E-Dividend Mandate
- Mr Bola Ajomale- New Listing
- Mrs Oluwatoyin Sanni-Financial Literacy
- Mr Michael Oyebola- National Savings Strategy
- Mr Babatunde Ajibade-Pension Reforms Acts and
Warehousing Receipt Bill
- Mr Anthony Idigbe-Review of the Investment and
Securities Act 2007
- Mr Abubakar Balarabe Mahmoud- Company and Allied
Matters Act(CAMA) and Trustees Investment Act (TIA) Review
- Mr Adeolu Bajomo-Market Wide Infrastructure
- Ms Daisy Ekineh-Roadmap on Commodities Ecosystem
- Mr Temi Popoola-Market Liquidity Enhancement
- Mr Abubakar Ambursa-Standardization of Capital
Market Operators’ Operational Processes
- Mr Seyi Owoturo-Electronic Initial Public Offer(e-IPO)
- Mr Henry Rowlands- Multiple Applications of
- Mr Adeolu Bajomo-Transaction Cost Analysis
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